Koinos platform Announcement & KOIN Miner Setup - Mining Start On October 13th 2020

in LeoFinance19 days ago (edited)

The following is my personal interpretation so do your own research and participate/invest when you decide so. Or not.

First, I wish to thank @oldtimer for his article about Koinos. Without I wouldn't be writing this article. At least not today :)


In short, Koinos is a new blockchain platform being built by the team which was once the creative force behind Steem. The team is called OpenOrchard and they have some noble goals.

Our mission is to empower people through ownership of their digital selves and blockchain is the most promising technology for accomplishing this mission. Blockchain-based applications can add value to people’s lives in an infinite variety of ways but building such applications is far too difficult, time-consuming, and expensive.

About the platform ...

When it launches the Koinos mainnet will be a fast and fee-less blockchain that enables developers to create an unlimited number of free accounts for their users. With these features, Koinos won’t just lower the barriers to entry, it will obliterate them and open up blockchain applications to an order of magnitude more users.

Both quotes were taken from @andrarchy's announcement about the platform and the initial mining.

Yes, there will be a mining mechanism in place in order to distribute the assets, called KOIN. CPU POW mining with their client software.

No ICO, no buying with cash or any other asset. Just plain and simple mining for six months.

And the following is actually a record on how I installed and enabled the miner on my Windows machine. It was a smooth procedure.

You can find the official instructions here.

You can also watch videos to learn about everything important.

Announcing KOIN Mining & Koinos Whitepaper

Koinos Miner Installation and Configuration

Now, let's go through the setup together.


After you download the miner client and run the installation you are greeted with the following warning.

Remember, this is on Windows.

Don't fret. Push forward.

By default, the installation goes into ...

Seconds later ...

Setting up miner's private key

12-word phrase

Verify the phrase

Funding address was generated

This address is for funding your transactions. The mining score is kept on the Ethereum blockchain and you mined tokens are actually ERC-20 tokens. There are transaction fees involved with your mining reports and they are covered from this address - hence funding.

The other address that you need is called the receiving address, This is where your mined KOINs will be stored.

I generated mine with my Ledger Nano S. You can do it with Metamask or any other ETH wallet.

Now, let's start the miner ...

It's a countdown.

The mining will start on Tuesday, October the 13th, 2020

After canceling the mining I received the following message

Quite right, since I didn't send any funds to the funding address yet.

OK, I transferred around 42 € that were sitting in my Bitwala wallet. That should be enough for initial mining, shouldn't it?

Several minutes later ...

Good, the miner is funded and we are set.

This was easy :) I do hope it was done correctly too.


Things to remember

  • no ICO in a classical way to get your KOINS,
  • POW mining with the client,
  • it happens on Ethereum, transaction fees are involved,
  • with the installation of the client you get the funding address - to cover the fees,
  • you enter the receiving address - to get the mined coins,
  • reporting frequency is a grey zone for now - we'll see how will it play out - read the announcement.

Open questions

  • can we set up multiple miners? I guess YES.
  • can we have the same funding address for these multiple miners? I guess NO.
  • can we have the same receiving address for the miners? I guess YES.
  • how will the reporting frequency and mining difficulty be related? I guess we'll find out while mining.

I hope this covers everything important before we start mining.


Good luck with mining KOIN


Ps: I went through this exercise yesterday in the evening. Now, a day later, the miner is happily doing its countdown and waiting for the show to start.


Better and better

Posted Using LeoFinance Beta

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Please I have a few questions:

  • If I mine in more than one computer, I'm I using the same recipient address?
  • Do I have to fund it the second time?
  • What is the minimum ETH that should be sent to the FUnding address?
  • If the ETH in the funding address gets exhausted, what happens?
  • If I have excess of the ETH in the funding address, can I transfer it?

Posted Using LeoFinance Beta

@uyobong

Hey, sorry for the late reply.

  • Yes, you can use the same recipient address on all miners
  • Yes, you have to fund it to be able to execute transactions - to report your work,
  • It depends on how many reports you plan to send; after 10 submitted reports the average fee is $2.61
  • You won't be able to pay the transaction fee for the sending of the reports
  • Of course, It's your address and you control it.

Thank you for your very good questions. I could make a FAQ out of them.

Good luck with mining!

Thank you. Very helpful answers.

Posted Using LeoFinance Beta

You are welcome.

A remark about the last question - I didn't try it out yet. Meaning to open the address with Metamask or any other Ethereum wallet. Yet, it should work.

🙏 Thanks Ervin for the easy tutorial: miner ready! 😁

image.png

!tip !BEER and a huge hug! 🤗

After getting everything ready i always get this message: Could not retrieve the PoW height! Can anyone help?

Did you change the Ethereum endpoint to http://mining.koinos.io/?

Your current Rank (46) in the battle Arena of Holybread has granted you an Upvote of 11%

I must mine too

Posted Using LeoFinance Beta

Good luck!

there are some questions that poop up while reading.
how hard would be the mining (what should be the config that would be capable of doing it)
is there an option to configure a % of cpu used. if i do it on my pc that i use, i will probably not be able to use it :D
as someone who never mined anything, i how no idea how will this look like...

Hello, @bil.prag and thanks for stopping by.

I can't answer your questions since my information is limited.

The following are my guesses:

  • the mining shouldn't be CPU hard since it is meant for everybody to be able to participate. I found this on official discord (https://discord.gg/782SDxf):

asgarth: there are some drawbacks on setting a very low proof frequency? Like 1 or 2 per week? This way the ETH fees will be much lower? Any specific risks?
[11:48 PM] asgarth: Also if you happen to have a larger server/pc will it make sense to run multiple miner at the same time? Considering that the requirements are quite low for a single instance?
[6:26 AM] Steve: @asgarth With a lower proof frequency you may get more variance in your rewards, sometimes getting larger and/or smaller rewards while being less frequent (depending on the state of the market maker)
[6:27 AM] Steve: The application will attempt to use all available cores on your machine, running one instance of the miner will utilize the full power of even a larger server. For this reason, it makes the most sense to only run one miner per server/computer.

Another reference from discord:

Minimum

the miner uses 2 mb of RAM and 247 mb of disk. We have successfully mined on a raspberry pi. You basically can't under-spec on RAM and storage

Maximum

andrarchy: the mining program uses whatever is available in the computer
If you open adobe after effects, the computer automatically divides resources based on what you're using
It will use whatever resources are available


Hope it helps :)

Thanks.

so i should look for my unused laptop with i7 second generation. and just hope it will not catch fire :D

I think it will work just great. I intend to run it on my desktop :)

i7-6700K with 32 GB

This should be enough too since the most CPU / memory hungry applications are Chrome and Adobe Illustrator :)

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🙏 Thanks Ervin for the easy tutorial: miner ready! 😁

image.png

!tip !BEER and a huge hug! 🤗

Triple thanks, grazie :)

!BEER


Hey @amico, here is a little bit of BEER from @ervin-lemark for you. Enjoy it!

Learn how to earn FREE BEER each day by staking your BEER.


Hey @ervin-lemark, here is a little bit of BEER from @amico for you. Enjoy it!

Learn how to earn FREE BEER each day by staking your BEER.

🎁 Hi @ervin-lemark! You have received 0.109 HIVE tip from @amico!

@amico wrote lately about: Come Ricevere Facilmente 280 Euro Di Bonus Con La Seconda Più Grande Banca Italiana? Feel free to follow @amico if you like it :)

Sending tips with @tipU - how to guide.

Actually, you will be able to buy KOIN from Uniswap the whole time.

Posted Using LeoFinance Beta

I suppose this is true since KOIN is an ERC-20 token.

I hope this one is right.

https://info.uniswap.org/token/0x66d28cb58487a7609877550e1a34691810a6b9fc

 19 days ago Reveal Comment